Insurers always are looking for a better way to make important underwriting, claims, and fraud-prevention decisions, and it usually involves data. Although insurers do have a great amount of data sitting right in front of them, it's often in an unstructured form. Those carriers that find a way to give it some structure also find rewards for their effort throughout the enterprise.
Unstructured data is both a blessing and a curse for insurance carriers, suggests Jeff Goldberg, senior analyst with Celent.
On the positive side, he notes, insurers can gather data from new sources. Specifically, "with electronic submission processes and e-mail, there is a lot of relevant communication that once was done via paper or phone but now is being done online and is easier to store," he says.
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